Melt butter in 4-quart saucepan until sizzling; add carrots, onion, green pepper and garlic. Cook over medium heat, stirring occasionally, until vegetables are crisply tender (4 to 5 minutes). Add all remaining ingredients except cheese.
Continue cooking until mixture comes to a boil (5 to 8 minutes). Reduce heat to low. Cook, stirring occasionally, until heated through and flavors are blended (5 to 8 minutes).
To serve, top each serving with shredded cheese, if desired.